Worst Washington State Auto Insurance Companies By Complaint Ratings

In my 20 years experience working in the auto insurance industry, I have concluded most auto insurance companies are mediocre: you can have a bad experience, or good experience with any car insurance company. However, some auto insurance companies are more mediocre than others, and a few car insurance companies lean towards being downright awful! Continue reading

Insurance Policy Exclusions

Why do insurance policies have exclusions? Do insurance companies convince you to buy insurance, then send you a policy with so many exclusions, it is almost impossible to be paid for a claim? Are there bad insurance companies with more exclusions than other, more reputable insurance companies? You buy auto or home insurance to insure your property, why should there be ANY exclusions in your insurance policy? Are insurance policy exclusions another way insurance companies rip you off?

A psychological benefit of buying insurance is it gives the buyer peace of mind. If you buy homeowners insurance, you don’t have to worry about the financial consequences of something bad happening to your house. If you buy auto insurance, and ask for “full coverage,” you don’t have to worry about paying for damage to your car.

A wise insurance buyer does not rest that easy. All insurance policies have exclusions and limitations, and you need to know them, to make sure you are buying the coverage you need.

Unfortunately, home insurance & auto insurance do not cover you for everything that can happen to your car or home. But insurance policy exclusions are not arbitrary to avoid paying any claims. Exclusions are used by insurance companies to avoid covering things the policy, and the policy rates, were not designed to cover.

For example, homeowners insurance excludes damage to your home caused by vermin, such as rats, or insects, such as termites. Auto insurance excludes damage to your car caused by mechanical break down.

Rodent infestation, or termite damage to a house,  are home maintenance issues easily in control of the homeowner. Likewise, with car insurance, it is the responsibility of the car owner to maintain their car. Because these things are excluded by your auto & home insurance, the costs involved are not considered in the insurance rates. Imagine how expensive car insurance would be if the car insurance company picked up the bill every time a car broke down. There are other financial products, such as car warranties, to help people cover these expenses.

In addition to excluding causes of damage resulting from common maintenance issues, insurance companies exclude damage from events, where the damage is so catastrophic and expensive, they would bankrupt the insurance company.

For example, your homeowners insurance covers the cost of damage to your home from riot or civil commotion, but the costs involved to the large number of customers from war or nuclear contamination are too excessive, so damage to your home from war or nuclear contamination are excluded from homeowners insurance.

Sometimes exclusions, or policy limits on coverage, are used to remove the cost of claims not applying to the average customer.

Homeowners insurance liability doe not cover you for the use of an aircraft. Unless you fly planes, this exclusion is not a problem for most homeowners and their families.

Homeowners insurance policies limit how much they will pay for the theft of jewelry, because not everyone has jewelry, and they shouldn’t have to pay more for homeowners insurance for expensive jewelry claims which will never apply to them.

Do some insurance companies have different exclusions than other insurance companies? Yes, but insurance companies have many of the same exclusions, and insurance companies use very similar wording in their insurance policies.

There have been a lot of court cases & verdicts over the years, to determine exactly what the policy wording means, involving many claims situations open to interpretation. When insurance companies deviate from the usual phrasing, they may open themselves to pay for claims not intended to be covered. Policy language can also change based on new court decisions and new issues involving unexpected claims, such as the issues and costs involved with the illness and property damage associated with toxic mold.
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Most insurance companies used to use a standardized policy form (or their own version of it), published by the Insurance Service Office. Some insurance companies still use these forms, but many insurance companies use their own policy forms now, which effects how the customer is covered.

When it comes to auto insurance, in my opinion, there is still very little difference among insurance companies’ policies, when it comes to covering claims.

Auto insurance policies may vary as to what conditions they will cover a rental car, or a newly purchased car, or how they will cover a friend driving your car. For most customers, these differences do not matter much, and won’t result in huge unpaid claims other car insurance companies would cover.

The more important factors for most people buying auto insurance are price and customer service. I strongly believe in shopping for the best combination of price and customer service for car insurance, which you can find by going to my website home page.

However, with homeowners insurance, there can be BIG differences in coverage available, exclusions, and policy language, which can create a situation where a large lawsuit is covered by one insurance company, and not covered by another insurance company.

For example, some insurance companies exclude coverage under their homeowners insurance policies for “concurrent causes of loss.” If one of the causes of loss is excluded, all the damage caused by the concurrent causes of loss is not covered.

Using the situation of Hurricane Katrina to illustrate this exclusion, many homes sustained flood damage from a flood surge, as well as wind & storm damage from the hurricane. Since flood damage is excluded by homeowners insurance, there would be no coverage for ANY of the damage, whether caused by the winds of the hurricane or the flood surge, if you have the concurrent loss exclusion in your homeowners insurance policy.

The effect of different policy language and exclusions in homeowners insurance becomes apparent for those few people experiencing a large property loss or liability lawsuit.

Although many homeowners are likely to never need the broader protection available from some home insurance companies, the costs of not having the proper coverage can be catastrophic for those who end up needing it.

Because these differences come up infrequently, many insurance agents are not aware how much homeowners insurance coverage can vary among insurance companies. Many agents may tell you all homeowners insurance is the same, but some insurance companies have better prices or service.

If you own a home, don’t play Russian roulette with your biggest financial asset — find knowledgeable insurance agents knowing the difference in homeowners insurance policies, and shop to find the best coverage you need at a reasonable price.

Do you know what’s excluded in your insurance policies? Tell me about it. Please leave a comment on my facebook page. Follow me on Twitter for important insurance consumer news and new blog entries at CarInsWatch.

Insuring Guns & Homeowners Insurance

Are insurance companies anti-gun? No, but people who own firearms need to know the common limitations in homeowners insurance policies for guns, and how to discuss getting the proper coverage with insurance companies, without getting their homeowners insurance canceled.

Some gun owners feel insurance companies are sending a political message, when they may refuse to offer homeowners insurance, or cancel coverage, for firearms owners keeping guns in their homes. Insurance companies are not really concerned with 2nd amendment rights, but they are concerned with paying out large claims regarding the use of guns, such as a wrongful death lawsuit, if someone is accidentally killed by the use of your gun.

The good news is insurance companies differ as to how concerned they are with their customers owning guns, and many insurance companies have no problem with responsible gun ownership, and do not ask you a lot of questions about your firearms. For most gun owners, getting homeowners insurance is no problem.

A greater concern for you should be if your homeowners insurance policy will protect you from lawsuits, if you have to use your gun to defend yourself, your family, or your home or property. Whether you have coverage in this situation depends on the insurance company you choose, and other factors, and I will discuss this matter in a separate blog post.

In the mean time, shop around for homeowners insurance where the policy says specifically you are insured for using reasonable force to protect yourself and your home. Have your insurance company show it to you in writing. Don’t get ripped off by buying a homeowners insurance policy without the coverage you need as a gun owner.

This blog post will tell you how the basic homeowners insurance policy limits coverage for the loss of your guns, how to insure your guns properly, and what to say to insurance companies to avoid problems, and cancellation of your coverage.

The usual limitation on a basic homeowners insurance policy is limiting coverage for your guns to a certain dollar amount if they are stolen.

For example, you may have a $1,000 limit for ALL your guns (not per item) if they are stolen.

If you have 3 guns, worth $5,000 to replace with the same kind and quality (make sure your homeowners insurance has the replacement cost option, like most customers have) and all of your guns were stolen, you would have a property loss of $5,000. Subtract your deductible from the property loss.

For this example, we will say you have a $500 deductible. $5,000 minus $500 leaves you with a claim for $4,500.

But since your policy has the $1,000 limit for guns in the event of theft, you get only $1,000 for all 3 guns. Whether one or all your guns were stolen, the most you could get for the claim is $1,000.

Now, if all your guns are damaged in a fire, you don’t have the limitation, since it applies only to theft, so you would get $4,500 ($5,000 cost to replace or repair the damaged guns, less your $500 deductible).

Why is there limited coverage for guns on your homeowners insurance? It is not because insurance companies hate gun owners. Guns, like certain other types of personal property (jewelry, watches, camera equipment, stamp & coin collections, etc.) are targeted by thieves, but not every homeowner has these types of property.

Every homeowner has the risk of their house burning down, but not every homeowner has the risk of theft of $50,000 of jewelry, and does not want to pay higher homeowners insurance rates to cover these types of claims. Customers usually have the option to adjust their insurance coverage to cover their high value items, if they need it.

Do you need to adjust your homeowners insurance coverage to properly cover your guns? Here is what you need to consider to make this decision:

1. How much would it cost to replace all your guns with the same kind and quality if they were stolen, and compare the cost to your deductible. Do you really need insurance on them?

It may cost $5,000 to replace your guns, but if you have a high deductible, like a $2,500 deductible, the most you could collect from a claim is $2,500 — without considering the dollar limit for guns on your policy.

You could pay more for a lower deductible, and more gun coverage, but if you have a claim, it could also increase your rates a lot.

Paying more for homeowners insurance to cover smaller claims, which will increase your rates even more if you file them, is rarely a good idea. Having 2 claims in 5 years can often get your homeowners insurance canceled, leaving you to purchase a high risk policy to insure your home, with limited coverage and very high rates.

Paying out of your own pocket to rebuild your stolen gun collection is no fun, but it may be a better option than losing your homeowners insurance.

If the cost to replace your guns, if needed, is bearable for you, you may decide you don’t need to have insurance for them.

I can’t speak for all homeowners insurance companies, but most companies limit coverage for guns only if they are stolen. The best option for you may be to better protect your guns by buying a gun safe.

2. If you think you need insurance coverage for your guns, contact your insurance company and find out about your homeowners insurance policy’s limitation for guns, and what you can do about it.

What is the limit for all guns? Is there a per item limit, too? Does the limit apply to anything other than theft?

The answers to these questions will depend on the details of your own homeowners insurance policy, so you need to ask your agent or insurance company. Ask about the cost to increase your guns coverage.

For example, you ask about increasing your $1,000 gun limit to $5,000. Even though you have $5,000 for all your guns, there may be a $1,000 per item limit. If you have one gun worth $4,000, the $1,000 per item limit makes this a poor option for you. Are accessories, like scopes, and ammo also included in the gun limit?

Some insurance agents & insurance company representatives make the mistake of subtracting the deductible from the coverage limitation.

For example, your agent may tell you with a $5,000 gun limit and a $1,000 deductible, the most you can collect for the theft of your guns is $4,000.

However, you can collect up to the full amount of the limit amount, as long as the property loss, less your deductible, is the limit amount or more. That is if you have $6,000 or more worth of guns stolen, and a $5,000 gun limit, and a $1,000 deductible, you can collect $5,000 for the claim.

Some insurance companies may not offer higher limits beyond $5,000 for your firearms. Some insurance companies may allow you to schedule your guns (list the items specifically, for a specific amount, based on an appraisal or bill of sale) for expensive guns or large gun collections.

3. When you contact your insurance company and ask about gun coverage, they may ask you questions about the guns you own and how they are kept. If the insurance company decides your situation poses a “substantial increase in hazard,” you can see your homeowners insurance canceled, and you will have difficulty getting replacement coverage.

Usually, this applies in less common situations, like if you have an assault rifle, or a shooting range on your property. Though, if you are an avid gun enthusiast, this may apply to you. I never had an issue with it in my work experience, but I have read complaints about some insurance companies refusing to insure people keeping loaded guns in their homes.

You never want to lie to an insurance company, but you don’t want to volunteer information they are not asking of you.

I suggest, if you need to find out information from your homeowners insurance company about guns, you ask about your insurance company’s policy towards guns on behalf of a “friend.”

Ask if the insurance company has any concerns regarding guns, and how they cover guns. This is even more important when you talk directly to the insurance company, and not your agent.

If you have an extensive gun collection, contact an independent insurance agent, representing several insurance companies, who does NOT insure your home. Ask about a separate insurance policy to insure your guns. These types of policies are called inland marine policies or personal property floaters. A separate policy for your guns can keep you from having problems with your homeowners insurance, and avoid higher rates or cancellation of your homeowners insurance due to claims.

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Renters Insurance: If you rent, do you need it?

It seems at least once a week I hear about a building fire on the news. More often than not, the building catching fire is a rental home or apartment building.

During the holiday season, there are more residential fires, from faulty Christmas lighting, candles, Christmas trees, deep-frying turkeys, or other merriment gone awry. When I hear about residential fires on the news, it is sometimes noted the occupants do not have renters insurance.

Although more landlords these days require their tenants to have renters insurance, the majority of renters take their chance and go without it. The odds of you not having a huge financial loss involving your personal property, or a lawsuit against you, are in your favor, but not having renters insurance, if you need it, can ruin your life.

Don’t gamble with your future by going without renters insurance. Did you know sometimes having renters insurance & auto insurance with the same insurance company costs the same as auto insurance alone, due to multiple policy discounts? In some circumstances, it may cost LESS to have auto & renters insurance together, than only having auto insurance!

You may think you don’t have any personal property worth insuring, but it makes sense for everyone who rents to consider renters insurance, and at least look at how much it costs. Who knows? You could save money.

Before you decide to go without renters insurance, read my reasons why every renter should buy renters insurance.

1. Although you think you do not have any personal property worth insuring, you need renters coverage. Your landlord’s insurance does not cover your personal property.

Even though you may not have expensive personal property, like top-of-the-line electronics, high-end furniture, jewelry or other luxury items, or expensive sporting equipment, losing all your personal property to an event like a fire, is financially devastating to everyone.

Imagine if you lost everything you own: your bed, your clothing,  your sofa, your TV, your computer, your furniture, and your furnishings.

Maybe you could make do without your TV, computer, and some of your furniture. But you need a bed. You need clothing. You needs pots, pans, dishes & utensils. You may be able to replace some of these items inexpensively, but I think even the least materialistic of us would spend at least $20,000 replacing the personal items they need if they lost everything. Do you have $20,000 you want to pay to replace your personal property, if you lose it?

Also, say you come home from work to find a fire has made your apartment or home unlivable. Renters insurance will cover the extra cost you have to live somewhere else for the short term.

Losing everything you have may not be likely to happen to you, but it is not completely in your control to prevent it from happening.

If you live in an apartment building, what is the likelihood one of your neighbors has reckless habits like smoking in bed, leaving a candle unattended, or a bathtub overflowing? You may rent a one family home, but the rental house next door could go up in flames, causing fire & smoke damage to your property.

You may not be one of the people saving money with combined auto & renters insurance, but it is worth $10-$15 a month to avoid being unlucky, or having an irresponsible neighbor.

2. Signing a rental agreement makes you responsible for your rental unit. You have more to lose than your personal property.

You may decide, if you lose all your personal property, you can survive living out of a duffel bag and couch surfing at your friend’s homes. There is still a good reason, and probably the most important reason, to buy renter’s insurance.

The most important part of renters insurance, to protect you from a huge financial loss, is the personal liability protection it provides.

Say you are snowboarding or skiing, and you accidentally injure someone on the slopes. If you are negligent for the injury, you could be responsible for medical bills, compensation for pain & suffering, & lost wages, that could result in you owing tens of thousands, if not hundreds of thousands or dollars. Depending on the severity of injury and the situation, you could be looking at a multi-million dollar lawsuit. It doesn’t matter if you have no money. You could see your paycheck garnished and have to pay back the debt for the rest of your life, or file bankruptcy, promising you will have financial difficulties for at least a decade to come.

Okay, maybe you are a couch potato. Do you have kids or pets? What if they run into the street and cause an auto accident when a driver swerves to avoid them?

Losing all your personal property to a fire is a large financial loss most people are unwilling to bear on their own, but it won’t bankrupt most people, if they don’t have renters insurance.

An injury lawsuit CAN bankrupt you. You may not be negligent, but some people will take you to court anyway, and you will be out-of-pocket for the cost of your legal defense, without renters insurance.

When you sign a rental agreement, you are responsible for damage to your rental unit and the building. What if you, or your child, family member, or roommate forget to turn off an electrical appliance, and it causes a fire? You could be held responsible for the fire damage. Do you have $100,000 on hand to pay for it? That’s okay, your landlord’s insurance will pay for it, then sue you and take what assets you may have, and garnish your future wages until the insurance company gets its money back from you. Don’t think it can’t happen — I read on an Internet message board recently how this happened to someone having a fire in their rental home.

The renters insurance offered by insurance companies may differ to how they cover the contractual liability you assume when you rent a place to live, and under what situations they will cover damage to it.

Almost all (if not all) insurance companies will cover fire & smoke damage, but some insurance companies cover little more than those two things. Broader liability coverage is a better option for you, and may not cost you any more than a more restrictive renters insurance policy.

If you have a water bed or aquarium, you want to make sure these are covered if they leak and damage the building you rent. An agent telling you it is covered does not mean it will be covered if you have claim. Have your agent show you the wording in the policy showing it is covered, or have your agent put it in writing themselves.

You get a nice discount when you buy your auto & renters insurance together, but you need to have renters insurance with the broadest liability available. Shop with all the major insurance companies for both your auto & renters insurance. You may be able to get lower rates AND better coverage. Click the link below to see all the major insurance companies in the USA.

3. If you think you can’t afford renters insurance because your auto insurance is too expensive, you may be able to SAVE MONEY by buying renters insurance from your auto insurance company.

A typical discount on an auto insurance policy, for having renters insurance, is 5%. If you are under 25, and have an accident or ticket or two, your auto insurance might cost $2,500 a year. A 5% savings would be $125. If renters insurance costs you $100 a year, you will save $25 a year by having auto & renters insurance together, rather than paying $25 more a year to have auto insurance alone.

To find this savings, you want to get quotes from insurance companies offering both auto insurance & renters insurance. Companies like Geico, Esurance, 21st Century, & Progressive insurance sell auto insurance, but partner with other insurance companies to sell renters insurance, and may not have the biggest savings for buying renters & auto insurance together. As I always recommend, shop with as many insurance companies you can, to find the biggest savings, and get the best combination of coverage, service, and low price.

4. Buying renters insurance can save you a lot of money when it is time for you to buy homeowners insurance.

Homeowners insurance companies often give a substantial discount on their homeowners insurance for being claims free. To get this discount, you need to have property insurance, like renters insurance, for a period of time, such as one year to three years, up to the start date of the homeowners insurance, to qualify for the discount. Usually, the longer your continuous, uninterrupted property insurance history, the lower your rates.

If you are planning on buying a home in the next 5 years, get renters insurance now. Having it can save you money on homeowners insurance, and if something bad happens, where you are sued or have a large loss to your personal property, having renters insurance can protect you from financial setback, so you will be able to buy that home in 5 years.

If you float through life from job to job, from place to place, with no savings and few possessions, you can get by without renters insurance.

But if you are working on establishing a career and a life for yourself, or if you have people dependent on you providing them with a roof over your head, Don’t take the chance you will never need renters insurance.

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Washington State Home Insurance Reviews: Complaint Ratings for 20 Major Companies

Does your home insurance company have a lot of complaints? Will you have difficulty placing a claim, or have a valid claim delayed or denied? Will you find out you company is good or bad? Most consumers fail to check the complaint records of their insurance companies. Here I provide complaint information for the 20 largest (by Washington market share) homeowners insurance companies, and rate them based on their 2010 Washington complaint record (2011 complaint data not available yet). Learn about the best & worst companies. Continue reading

Renters Insurance: A Landlord’s Guide

Many landlords understand the importance of requiring their tenants to have renters insurance. However, many landlords fail to implement a program to make sure their tenants have an active renter’s insurance policy when a claim occurs. This can be a very expensive mistake! I will explain what you need to do to make sure your tenant has renters insurance when you most need it, but first I will list a few reasons why it is so important for landlords to require their tenants to have renters insurance.

1. Renters insurance reduces the chance of tenants suing you if their personal property is damaged or stolen.

For example, a fire or theft, because of a failure to maintain the rental property, can lead to a lawsuit. Even if you don’t think it is likely you will found negligent, you may still have to bear the cost of legal defense. If your tenant is compensated for the damage to their property from their renters insurance, they will be less likely to sue you.

2. Requiring renters insurance for all your tenants reduces the likelihood you will be sued due to the negligence of your tenants.

For example, a tenant leaves an unattended candle burning, causing a fire which damages the personal property of other tenants. The liability of the tenant responsible for the fire will be covered by their renters insurance.

3. Requiring renters insurance can protect your property, if your tenants are negligent and damage it, and keep you from having to place a claim on your own insurance — which can cause your insurance rates to increase, or your insurance to be canceled.

Take the example used above of a fire caused by a tenants unattended candle. The damage to your building is covered by the tenant’s renters insurance if the tenant is negligent, so you won’t have to place a claim on your own insurance.

Now, here is how to implement a program to make sure your tenants have renters insurance.

1. Don’t trust your property management firm to handle your renters insurance requirement for you.

A good property management firm can help you avoid the hassle of screening tenants, collecting rents, and handling repair calls and tenant complaints. But you don’t want to depend on the property management company to make sure you have a proper insurance program.

Even if managing the insurance for the property is one of their contractual obligations to you, would you rather have the insurance you need in force when you need it, or sue your property management firm for failing to do their job? Not only do you have the cost and hassle of a lawsuit, if the property management firm files for bankruptcy, you may not be able to be compensated.

Don’t worry about this creating more work for you. Monitoring your renters insurance program for your rental properties, and your own insurance on the rental, is as easy as checking & reading your mail.

2. Make sure your rental agreement requires your tenant to have renters insurance, and make sure your tenant is aware of this requirement before they sign the lease or rental agreement.

You should discuss this matter with your property management firm or lawyer, to make sure their are no legal issues. If any of your rental units are rent-controlled, there may be an issue with requiring your tenants to purchase renters insurance.

Renters insurance is inexpensive, usually costing $10-$15 a month. If your tenant buys the renters insurance from their car insurance company, they may get a discount on their auto insurance, which will offset the cost of the renters insurance.

3. You or your property management firm should work with a local insurance agent, to help your tenant get renters insurance.

Some insurance agents will tell you all renters insurance policies are the same, but knowledgeable agents know different insurance company’s renters insurance policies differ in how contractual liability is covered.

For example, almost all (if not all) renters insurance cover a tenant’s legal liability if they are legally responsible for a fire damaging your building. But some insurance companies do no cover other causes of damage to your property, due to the negligence of the tenant. If the tenant has a water bed, or aquarium, or if the tenant accidentally lets his bathtub or toilet overflow, there may be no coverage under the tenant’s renters insurance. Some insurance companies do cover these events under their renters insurance, if the tenant is negligent. It will be to your benefit to work with an agent whom is aware of this advantage in coverage, and can educate your tenant, and offer renters insurance with the broadest liability possible.

4. Make sure you are listed as and interested party on the renters insurance policy, and you will be notified if the renters insurance policy lapses or cancels.

This is something most landlords and property management firms fail to do!

You need to make sure you are listed on the renters insurance policy, so a certificate of insurance is mailed to your address when the policy is issued, or if it cancels for any reason.

As mentioned in #1, don’t rely on your property management firm to handle this for you: make sure it is your name and mailing address as the certificate holder.

This is important, because if a tenant buys renters insurance, then lets the policy cancel for non-payment (like many tenants do), you will be notified by the insurance company about the cancellation.

You, your insurance agent (if your agent agrees to help you manage your renters insurance program), or property management firm can contact the tenant to get them to reinstate the renters insurance, or buy a new policy. You will be notified by mail of the reinstatement, or new renters insurance policy purchase, if you are listed as the certificate holder.

Ideally, you want to be listed as an Additional Insured on your tenant’s renters insurance, but it is very difficult to find an insurance company willing to do it, since doing this creates more risk for the insurance company.

Making sure your tenant has renters insurance is as easy as checking your mail and making sure you have the current renters insurance on file. Most insurance companies will not send you the annual renewal, but will notify you by mail if the policy is not renewed. You can contact the insurance company anytime to make sure the policy is active. Though contacting the insurance company after a claim won’t help you if the renters policy has canceled.

5. Require liability coverage on the renters insurance to be equal to the reconstruction cost of your rental building, or $500,000, whichever is less.

You may rent to low income people, if you have a 4-plex costing $600,000 to rebuild, you want to make sure your tenants have enough liability to rebuild the building if they are negligent and cause substantial damage to it.

Liability coverage is inexpensive, and it usually costs not more than $15 more a year to go from $300,000 to $500,000 liability. However, some insurance companies may be unwilling to go above $300,000 for liability coverage on their renters insurance policies. If the value of your building is more than $300,000, you want to require as much liability as possible, while allowing your tenant the freedom to choose their renters insurance company.

Informing your tenant THEY are legally responsible, even if they have no money, for the cost of any damage to the building not covered by their renters insurance, if they are negligent and cause a fire, may help them choose the insurance company willing to offer them the most liability.

6. Requiring your tenants to have renters insurance does not mean you need less insurance or coverage on your own insurance policy. Shop with a few agents to make sure you have the coverage you need at a reasonable price.

Insurance companies differ in how they insure rental properties, and what coverage they may offer you.

Some insurance companies allow you to have the broader coverage of a homeowners insurance policy, on a building with up to 4 units, if you live in one of them. Other insurance companies require you to purchase multiple policies in this same situation: a policy for the building, then a renters insurance policy for you.

Some insurance companies will insure your rentals on a business owners policy, with a million dollar liability coverage, and others won’t offer you that much coverage.

Having all your insurance with one company — car insurance, home insurance, rental property insurance — usually gets you multiple discounts, but the coverage available and price can vary greatly among insurance companies.

When you have rental property, your insurance needs are complex, so you should not buy insurance online, but shop with insurance agents knowledgeable about the insurance needs of landlords, and have the best products for your situation. This can be hard to find since many agents work with only one company, and even independent agents representing many companies, may not represent the insurance company with the best product for you.

Get insurance quotes from multiple insurance agents by clicking the link below. You may have a great agent now, but it is wise to get a second opinion from at least one other agent once a year, to make sure you are covered as you need to be, to avoid finding out you have inadequate coverage when you have a claim.

It is wise to shop your insurance once a year — even if you decide to stay with the agent you have now. Who knows? You may be able to get a lot more coverage AND save money.

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